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Invitrogen and Applied Biosystems to Combine in 6.7 Billion Dollar Deal
Invitrogen Corporation and Applera Corporation have approved a definitive merger agreement, under which Invitrogen will acquire all of the outstanding shares of Applera's Applied Biosystems Group in a cash and stock transaction valued at $6.7 billion.
This strategic combination will create a global leader in biotechnology reagents and systems generating approximately $3.5 billion in combined sales, with significant commercial, operational and technical scale, uniquely positioned to accelerate and drive new discoveries and commercial applications. The combined company will have a major presence in key growth markets and exceptional technical capabilities in the areas of genetic analysis, proteomics, cell biology and cell systems. Following the close of the transaction, the combined organization will be named Applied Biosystems, Inc. and will have its corporate headquarters in Carlsbad, California.
'This transaction combines the industry's premier consumables provider with the industry's premier systems provider to create a world-class biotechnology tools company,' said Mr. Lucier, Chairman and Chief Executive Officer of Invitrogen. 'With this acquisition, we are nearly doubling our consumables business as almost half of Applied Biosystems's revenues are consumable in nature. It also provides significant value creating opportunities for customers, shareholders and employees alike.'
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Source: Invitrogen Corporation
Posted: June 15, 2008
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